Well I Finally bought my first one!!
After 8 years of having Analysis Paralysis, I just pulled the trigger and jumped in. So fellow investors how do you think I did? It is not a home run by any means but a very safe bunt. AC and Heater are new with a 10 year warranty. Flooring maybe can stay but not sure. Fresh Paint was done 6 months ago. 3/2/2 1600 sq feet. I used a first time buyers loan. I lived in my current house for 23 years.
Purchase Price $150,000
Down Payment 5% =$7,500
Loan Amount $142,500 @ 3.5%
Mortgage $639
Taxes $280
Insurance $75
HOA $30
Total Monthly $1024 expenses
Rent $1450
I am taking 5% on vacancy, cap ex and repairs $-217.50
Estimate positive Monthly Cash Flow $208.05
Only that I did not figure in is PMI....
Love to hear your thoughts.
Most Popular Reply
@Jacob Sampson
Sorry I should have been more clear with my statement. I meant 5% for each for a total of 15%. Definitely not a total of 5% for all of them.